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Wind plans €500 million equivalent two-part secured notes offering; pricing expected Thursday
By Paul A. Harris
Portland, Ore., April 18 - Italy's Wind Telecomunicazioni SPA came into Thursday's high-yield primary market with a €500 million equivalent drive-by offering of senior secured notes in two parts (Ba3//BB), market sources said.
Offered is a $400 million tranche of seven-year fixed-rate notes, which are non-callable for three years and talked with a yield in the 6 5/8% area.
In addition Wind is offering €150 million of six-year floating-rate notes, which are non-callable for one year and talked at a Euribor spread of 525 basis points to 550 bps.
Pricing is set for Thursday.
BNP Paribas, Banca IMI, Societe Generale, UBS and UniCredit are managing the sale.
The telecommunications company plans to use the proceeds to repay bank debt.
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